Bitcoin’s price action suggests potential for sub-$80,000 drop, but BNB, AAVE, XMR, and VTC remain resilient.
The past week has seen Bitcoin (BTC) struggle to hold on to its recovery attempts, signaling selling by bears at higher levels. Although buyers have failed to push the price above $100,000, they have not ceded much ground to sellers, indicating a strong hold from bulls.
Current Market Situation
- Price: BTC is trading around $96,500.
- Market Cap: The total market capitalization of all cryptocurrencies stands at over $2.5 trillion.
- 24Hr High/Low: The price has fluctuated between $97,200 and $94,900 in the past 24 hours.
Key Support/Resistance Levels
- Support: $93,500 (50% Fibonacci retracement of the recent rally).
- Resistance: $100,000 (psychological level).
Technical Analysis
Short-Term (1-4 Hours)
- The 20-period Moving Average (MA) is sloping up, indicating an uptrend.
- The Relative Strength Index (RSI) is in positive territory, but showing signs of overbought conditions.
Medium-Term (12-24 Hours)
- The 50-period MA is also sloping up, confirming the short-term trend.
- The RSI has formed a bullish divergence with the price action, indicating a potential reversal.
Predictions and Recommendations
Based on technical analysis:
- Buy: If the price breaks above $100,000, we can expect it to test the next resistance at $110,000.
- Sell: If the price falls below $93,500, we can expect a decline towards $90,000.
Other Cryptocurrency Analysis
- Ethereum (ETH): Trading around $3,600, with support at $3,300 and resistance at $4,000.
- Bitcoin Cash (BCH): Trading around $530, with support at $450 and resistance at $650.
Disclaimer
This article is for informational purposes only and should not be considered as investment advice. Every investment carries risk, and readers should conduct their own research before making a decision.
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